TORONTO, ON--(Marketwired - November 16, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
PharmaCan Capital Corp., doing business as Cronos Group (TSX VENTURE: MJN) ("Cronos" or the "Company"), is pleased to announce that it has entered an engagement agreement with XIB Consulting Inc. ("XIB"), to assist Cronos with business management and corporate development initiatives including, but not limited to, capital allocation, strategic networking and market awareness.
"The team at XIB has had their finger on the pulse of this emerging cannabis sector since day one. Their diversified experience and relationship network in the Canadian capital markets, combined with their in-depth knowledge of the regulated cannabis landscape, positions XIB as a valuable resource for Cronos as we re-launch our capital markets initiatives, execute on the pipeline of domestic and international opportunities, and fortify our portfolio of iconic cannabis brands," says Michael Gorenstein, Chief Executive Officer of Cronos Group.
Subject to applicable regulatory approvals, Cronos has issued 300,000 common share purchase options to XIB Consulting Inc. Each option has a strike price of $1.50 and is exercisable prior to May 15, 2018, subject to the terms of the Company's Employee Stock Option Plan.
About Cronos Group:
Cronos Group, is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers ("LPs") regulated within Health Canada's Access to Cannabis for Medical Purposes Regulations (the "ACMPR") and holds a portfolio of minority investments in other Licensed Producers and ACMPR applicants. The company's flagship LPs, Peace Naturals Project Inc. (Ontario), and In The Zone Produce Ltd. (British Columbia) are collectively situated on over 125 acres of agricultural land and are currently licensed to produce 2,600 kg of cannabis on an annual basis. The Company also holds minority equity positions in Licensed Producers Whistler Medical Marijuana, Hydropothecary, and Abcann Medicinals. With interest in five Licensed Producers and two LP applicants, Cronos Group is focused on building an iconic brand portfolio, providing patients with compassionate and personalized care, and creating value for our shareholders.
About XIB Consulting:
XIB Consulting Inc., part of the XIB Financial group of companies, is a Toronto-based capital markets consulting and advisory firm founded by Sean McNulty and Peter Hatziioannou. With over 15 years of combined mergers and acquisitions advisory, institutional equity sales, and event-driven hedge fund experience, XIB offers clients corporate consulting services from a unique perspective in the Canadian capital markets.
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements. This news release contains information obtained by the Company from third parties and believes such information to be accurate but has not independently verified such information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please visit www.thecronosgroup.com.